It now appears that the bonds and notes won't reach the targets I cited in this morning's guesstimate.
The hourly chart of the bonds shows that the market has stalled at the 1/2 point of a box after a burst upward on news this morning that had no follow-through. It looks like the market is now headed down at least to the top of the first box at 117-00. I do expect the 115-26 low to hold.
The notes have stalled near the top of a box and are now headed downward. They should drop at least to 112-24 but I think the 112-05 low will hold.
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